As technology advances, more and more tasks can be accomplished with just a smartphone. Unfortunately, this also means that fraudsters are taking advantage of this convenience, leaving people vulnerable to financial scams. Cybercrime has increased significantly, prompting many financial institutions to warn their customers about these types of scams. In fact, according to a recent report by Statistica, there were over 4.8 thousand online banking fraud cases reported across the country in 2021 alone.
One particular technique that cyber criminals are using is called "phishing SMS." These fraudsters send fake PAN Card Update messages, urging unsuspecting victims to click on a link and update their KYC or PAN Card information. The message also warns that failure to do so will result in the suspension of their bank account. This creates a sense of urgency and panic, causing victims to quickly click on the link without considering the consequences.
Unfortunately, these links are often a trap, designed to steal personal and bank account information from unsuspecting victims. Scammers can then use this information to empty the victim's bank account. To combat this, banking organizations are urging their customers to be cautious and to avoid clicking on any suspicious links.
In fact, one HDFC Bank customer recently reported receiving a fraudulent PAN Card Update SMS and shared a screenshot on Twitter. Another Twitter user also reported receiving a similar message. In response, HDFC Bank advised customers not to reply to any unknown numbers requesting personal or banking information. They also reminded customers that HDFC Bank would never ask for PAN Card details, OTP, UPI, VPA, MPIN, Password, Customer ID, Card Number, ATM Pin Number, or CVV via message. Customers are advised to keep all of this information secret and not to share it with anyone.
To stay safe from phishing bank SMS scams, it is important not to share personal details, OTP, bank account, or mobile number with unknown numbers. Always keep strong passwords on UPI, Internet Banking App, and Mobile. If there is an SMS in the name of the bank, contact the manager of the bank to confirm. Enable the Two Factor Authentication security feature if the online banking app is on the device. Doing this will require you to enter the password and OTP every time you access the app. You can also select the fingerprint scanner option. If you receive a bank SMS from an unknown number, check if the URL of the link is correct. Phishing scammers can be recognized by SMS, as they often contain misspelled English words. Remember, never fall for this link trap, as hackers can empty your bank account in no time.